According to the results just released from our online international survey, three out of ten people (31%) answered firmly that they “would rather have more time than more money”. In comparison, only one out of ten respondents (9%) disagreed with the same statement.
The survey also asked how strongly its participants agree that “experiences are more important than possessions”, with over ten times as many people firmly agreeing rather than disagreeing.
Breaking down the results by country, income and age
Those in China (41%), Brazil (37%) and Argentina (32%) ranked the highest, respectively, for their strong preference for more time over more money.
Mexico (57%), Argentina (53%) and the United States (53%) ranked the highest in firmly agreeing that experiences are more important than possessions.
Income played a minor role in the response variances, with higher income households valuing time and experiences slightly more than lower income households, but not to a significant extent.
Survey respondents aged over 60 were more split in their answers, with 19% preferring “more time to more money” and 13% preferring the opposite. Those in their twenties and thirties value time over money the most, at 36% agreement vs. 7% who disagree.
What it means for brands
These findings clearly demonstrate that there are strong opportunities for brands that can associate themselves in the minds of consumers with giving quality time back to their lives, or by simplifying and quickening their daily tasks. Brands can also differentiate themselves from competitors by identifying ways to turn their purchase process into more of an experience for the consumer.
About the study
*All the data presented in this blog represents the top 2 boxes (agreement) and bottom 2 boxes (disagreement) from on a 7-point scale where “1” means “disagree strongly” and “7” means “agree strongly.” GfK conducted the online survey with over 22,000 consumers aged 15 or older across 17 countries. Fieldwork was completed in summer 2016. Data are weighted to reflect the demographic composition of the online population aged 15+ in each market. The global average given in this release is weighted based on the size of each country proportional to the other countries. Countries covered are Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Italy, Japan, Mexico, Netherlands, Russia, South Korea, Spain, UK and USA.